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BORROWINGS (Tables)
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9 Months Ended |
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Sep. 30, 2013
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| BORROWINGS [Abstract] |
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| Short-Term Borrowings |
Total short-term borrowings consist of the following as of September 30, 2013 and December 31, 2012 (dollars in thousands):
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September 30,
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December 31,
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2013
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2012
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Securities sold under agreements to repurchase
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$
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79,202
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$
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54,270
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Other short-term borrowings
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72,000
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78,000
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Total short-term borrowings
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$
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151,202
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$
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132,270
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Maximum month-end outstanding balance
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$
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151,202
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$
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154,116
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Average outstanding balance during the period
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104,364
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91,993
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Average interest rate during the period
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0.30%
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0.31%
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Average interest rate at end of period
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0.28%
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0.28%
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Other short-term borrowings:
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Federal Funds purchased
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$
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37,000
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$
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38,000
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FHLB
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$
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35,000
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$
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40,000
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| Trust Preferred Capital Notes Qualify for Tier 1 Capital |
The trust preferred capital notes currently qualify for Tier 1 capital of the Company for regulatory purposes.
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Principal
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Investment(1)
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Spread to
3-Month LIBOR
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Rate
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Maturity
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Trust Preferred Capital Note - Statutory Trust I
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$
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22,500,000
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$
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696,000
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2.75%
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3.00%
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6/17/2034
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Trust Preferred Capital Note - Statutory Trust II
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36,000,000
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1,114,000
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1.40%
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1.65%
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6/15/2036
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Total
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$
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58,500,000
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(1) reported as 'Other Assets' within the Consolidated Balance Sheets
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| Advances from the FHLB |
As of September 30, 2013, the advances from the FHLB consist of the following (dollars in thousands):
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Long Term Type
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Spread to
3-Month LIBOR
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Interest Rate
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Maturity Date
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Conversion Date
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Option Frequency
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Advance Amount
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Adjustable Rate Credit
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0.44%
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0.69%
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8/23/2022
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n/a
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n/a
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$
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55,000
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Adjustable Rate Credit
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0.45%
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0.70%
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11/23/2022
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n/a
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n/a
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65,000
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Adjustable Rate Credit
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0.45%
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0.70%
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11/23/2022
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n/a
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n/a
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10,000
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Adjustable Rate Credit
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0.45%
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0.70%
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11/23/2022
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n/a
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n/a
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10,000
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$
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140,000
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As of December 31, 2012, the advances from the FHLB consisted of the following (dollars in thousands):
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Long Term Type
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Spread to
3-Month LIBOR
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Interest Rate
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Maturity Date
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Conversion Date
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Option Frequency
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Advance Amount
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Adjustable Rate Credit
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0.44%
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0.75%
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8/23/2022
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n/a
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n/a
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$
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55,000
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Adjustable Rate Credit
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0.45%
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0.76%
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11/23/2022
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n/a
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n/a
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65,000
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Adjustable Rate Credit
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0.45%
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0.76%
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11/23/2022
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n/a
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n/a
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10,000
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Adjustable Rate Credit
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0.45%
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0.76%
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11/23/2022
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n/a
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n/a
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10,000
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$
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140,000
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| Contractual Maturities of Long-Term Debt |
As of September 30, 2013, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):
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Subordinated Debt
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FHLB Advances
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Prepayment Penalty
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Total Long-term Borrowings
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Remaining three months in 2013
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$
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-
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$
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-
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$
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(444)
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$
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(444)
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2014
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-
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-
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(1,787)
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(1,787)
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2015
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-
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-
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(1,831)
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(1,831)
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2016
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16,237
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-
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(1,882)
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14,355
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2017
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-
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-
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(1,923)
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(1,923)
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2018
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-
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-
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(1,969)
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(1,969)
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Thereafter
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-
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140,000
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(7,918)
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132,082
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Total long-term borrowings
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$
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16,237
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$
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140,000
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$
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(17,754)
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$
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138,483
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